How does an ANZ Personal Loan increase work?
ANZ Personal Loan increases, also known as top-ups, are for existing ANZ Personal Loan customers who are looking for more funds or to extend their loan term.
If you have an ANZ Fixed Rate Personal Loan and your loan term or amount is increased, you will incurearly repayment costs, which may be significant.
If you'd like to increase your amount or term, you have some choices to make:
- Total amount - between $5,000 and $50,000
- Variable or fixed interest rate
- Total term - between 1 to 7 years
As this will be a new personal loan, it’s important to note that you will have:
- a new interest rate
- a new credit contract with new terms and conditions
If approved, your funds will be transferred to your nominated bank account in a lump sum at the start of your new loan term.
You will need to repay the amount borrowed, along with interest accrued and any fees or charges incurred, in regular instalments over a set term.
Your new personal loan may have a different account number to your previous loan, so you may need to re-establish any regular repayments or direct debits with your new loan details.
Are ANZ Personal Loans secured or unsecured?
ANZ Fixed Rate Personal Loans and ANZ Variable Rate Personal Loans are unsecured. This means you do not have to use an asset like your car or home as security to get a loan.
Can I pay off my loan early?
If you have an ANZ Variable Rate Personal Loan, you can pay off your loan early by making early or extra repayments without additional costs.This could help you to save on the interest you pay over the life of the loan.
With an ANZ Fixed Rate Personal Loan, early repayment fees and charges, which may be significant, may apply if you make early or additional repayments or repay your loan early.Refer toEarly Repayment Charges (PDF)andANZ Consumer Lending Terms and Conditions booklet (PDF).
What’s the difference between an ANZ Fixed Rate and Variable Rate Personal Loan?
ANZ Fixed Rate Personal Loan
An ANZ Fixed Rate Personal Loan gives you the certainty of fixed repayments for the term of your loan. This means if interest rates increase your repayments stay the same.
However, if you're looking to pay off your loan early, make extra repayments or increase your loan amount, early repayment fees and charges may apply. SeeEarly Repayment Charges (PDF)andANZ Consumer Lending Terms and Conditions booklet (PDF)for further information. You also do not have access to any early repayments made to the loan.
ANZ Variable Rate Personal Loan
With an ANZ Variable Rate Personal Loan, your interest rate may increase or decrease during the loan term, and so may your repayments. You can make early or extra repayments to pay off the loan faster (and save on interest charges), and redraw any extra money you’ve paid on your loan, without additional costs.
What information do I need to have ready when applying for an ANZ Personal Loan increase?
Although you're applying to increase an amount or term on an existing ANZ Personal Loan, your circ*mstances may have changed since you last applied with us. So, we'll need to update our information and re-assess your ability to support the updated loan amount/term.
You'll need to provide information on:
- your income amount and frequency
- your assets
- what existing financial commitments you have with ANZ and other financial institutions, such as personal loans, home loans or credit cards
- your expenses, such as howmuch you spend on gas, electricity, insurances, food, transport and lifestyle expenses
We ask for this information so that we can verify your financial circ*mstances and assess your ability to repay an ANZ Personal Loan without substantial hardship. You can explore which ANZ Personal Loan may suit your needs by using our tools and calculators.
- Calculatehow much you could borrowwith an ANZ Personal Loan
- Get an estimate of yourpotential loan repaymentsfor an ANZ Personal Loan
- Compare key featuresof the different types of ANZ Personal Loans.